An introduction to professional internal auditing
Presented by: Stephen Maycock
Comprehensive coverage of current professional practices
This course will provide you with a thorough grounding in the principles of professional internal auditing. You will be able to appreciate how internal audit services should be managed and delivered based on the latest guidance and leading-edge best practices.
Who should attend?
This course is open to all.
What will I learn?
Upon completion you will have a better appreciation of:
- the role and remit of internal audit within an organisation
- the requirements of the International Professional Practice Framework (IPPF)
- governance, risk management and control concepts
- internal audit methodologies and processes
- the techniques used for planning and conducting internal audit engagements
- how to draw conclusions and report on the results of internal audit work
- key aspects of internal auditing related to Information Technology
- how to fulfil internal audit’s role in relation to fraud risk
- key requirements for the effective management of internal audit activities
- the range of internal audit stakeholders and their varied perceptions
- the ways technology can be used to enhance internal audit effectiveness
- the broad range of competencies required by internal auditors
- the means by which the quality of internal audit is assured.
Internal audit role and objectives
- the purpose, authority and responsibility of internal audit
- the remit, scope and focus of internal audit
- the Charter for Internal Audit
- the position of internal audit within the governance of an organisation.
Professionalism in internal audit
- the International Professional Practice Framework (IPPF)
- mandatory and recommended guidance
- the application of ethics in internal auditing
- independence and objectivity.
Governance, risk management and control
- risk and control concepts
- internal control frameworks
- control and risk self-assessment
- risk management frameworks and processes
- corporate governance – key components
- the role of internal audit in governance, risk management and control.
Internal audit methodologies
- compliance and transaction-based approaches
- systems/process-based approaches
- risk based internal auditing
- adapting approaches for varying subject matter
- agile internal audit methodologies.
Internal audit processes
- defining the internal audit universe
- periodic and assignment planning
- interviewing skills
- information gathering techniques
- evaluating control design
- internal audit testing
- documentation and evidence requirements
- analysing internal audit results and developing findings
- internal audit reporting
- follow-up activities.
An overview of IT auditing
- the role of IT within an organisation
- IT governance
- the IT risk landscape
- internal audit responsibilities regarding IT.
Fraud - internal audit perspectives
- the nature of fraud risk
- fraud risk management
- the role of internal audit regarding fraud risk
- considering fraud throughout the internal audit process
- identifying indicators of potential fraud.
Managing the internal audit activity
- the range of documentation within an internal audit activity
- developing an internal audit strategy
- resourcing models for internal audit services
- coordination with other assurance providers
- communicating with senior management and the board.
Internal audit stakeholders
- the range of internal audit stakeholders
- stakeholder perceptions
The use of technology in internal auditing
- automated internal audit processes / documentation
- data analytics / data mining
- robotic process automation in internal audit
- continuous auditing
- artificial intelligence.
Internal audit competencies
- knowledge and skills for internal auditors
- proficiency and due professional care
- maintaining and improving competency.
Internal audit quality
- quality assurance and improvement programmes
- measuring internal audit performance.
CPE competency areas covered
- Professionalism (All areas)
- Performance (All areas)
- Environment (Information technology)
- Leadership and communication (All areas)